Sandeep Singh left university suddenly after losing his dad and taught himself how to trade.
Sandeep Singh.
A Scottish entrepreneur who made £100,000 in one day says “money doesn’t buy happiness” despite his fortune.
Sandeep Singh dreamed of a future in medicine after studying medicinal chemistry at university. But he ditched medical school at 21 when his dad tragically died from a heart attack.
Sandeep was left to run his small electronics business. He also inherited his father’s stock portfolio.
With a natural knack for business and a desire to make sure his family would never have to worry about money, the millionaire taught himself how to invest in one of the world’s most precious metals.
And soon, the cash flowed in. But despite never having to be concerned about bills again, Sandeep maintains that money is not a source of real joy.
The biggest trade he has made in one day was around £100,000, but he says it took 17 years of practice.
Sandeep Singh.
“My father died suddenly and I never got the chance to say goodbye,” said the founder of GTS Trading, who has 70,000 followers across social media, @goldtradersunny.
“Life is unpredictable and unforgiving sometimes. I wanted to take over his business. It was about legacy more than anything else.
“I’d choose to have my dad here a million times over, but one of the silver linings was that taking over his business, along with the stock portfolio he left, opened the door to the financial markets for me.
“It sparked a curiosity in trading, and I decided to open a Barclays spread betting account.
“Gold was my first focus and has remained my core.
“This was back when trading wasn’t as popular or accessible as it is today.
“There were no apps or instant platforms, and information was scarce.
“But I didn’t see it as a ‘get rich quick’ thing, as there’s no such thing. If it’s too good to be true, it usually is.
“I saw it as a way of making money from something I’m passionate about, but this is a marathon, not a sprint, and it’s where most people have a misconception.
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“Money doesn’t buy happiness; it buys comfort and freedom from certain worries.
“I was making plenty in my twenties, and I still faced the same human problems as everyone else.”
Now 37, Sandeep says that he has no regrets about leaving medicine behind in favour of trading ` because his new career and money allow him a type of freedom that is rare.
But his decision to ditch the textbooks raised eyebrows at first.
He said: “When I decided to leave medicine, the pull toward entrepreneurship had already taken root, and it left very little space for anything else.
“My family didn’t think much of me leaving school at first, but trading is not exactly a traditional career path.
“It’s one of those things that people don’t really understand unless they’ve done it.
Sandeep Singh.
“Besides, I’ve always believed that if you live your life by the opinions of others, you’ll forever be a slave to their ideas.
“When my dad died, I realised how short time really is. On a normal day, I wake up, read a little, sometimes go to the spa or the gym and check the markets, if they’re volatile, I’ll trade.
“But most evenings are spent with my partner, family or friends.
“There’s a lot of family time now, and that’s the point, that’s what ‘buying back your future time’ really means. “You only get one life, so take the risk. The worst that can happen is rarely as bad as staying somewhere that drains you.”
Sunny has also shared the five biggest mistakes that new traders make and how to avoid them:
BE PATIENT
He said: “Mistakes can be made in any form of trading, but the number one thing that I see with newer traders is a lack of patience.
“People rush to place entries, rather than chasing the adrenaline of being in a trade, instead of waiting for better times to buy and sell.
“This ultimately comes down to having a strategy and sticking to it.
THINK CLEARLY
“Secondly, avoid revenge trading or trading to recoup losses with an emotional mindset.
“That will inevitably end in more losses.”
DON’T LEAD WITH EMOTIONS
“Thirdly, have your emotions in check.
“Trading serves us better when we are colder, calculated and ruthless towards trading outcomes, whether winning or losing.
STRATEGISE
“Fourth, have a strategy. If we don’t, we’re gambling and not trading.
“Always have a reason for your trades, whether fundamental or technical.
DON’T GO OVERBOARD
“The final mistake I often see is leveraging over trading.
“Bigger lots equal bigger profits, but they also equal bigger losses.
“Find a middle ground on what works and stick to it.”
Sunny, who was raised by Indian immigrant parents, believes a new trader could make £10,000 by Christmas if they get it right.
He said: “There was a trade only a few weeks ago which cleared over £100,000.
“This is after 17 years of trading, so please don’t take this as though it can happen overnight.
“In theory, someone could earn £10,000 before Christmas.
“It’s technically possible to earn that in a single trade.
“This all depends on the value of the trade, leverage and where the trader is taking profits.
“On the other hand, it’s also possible to lose this amount within one trade.”